The 2017 amendments to the Singapore Companies Act implemented significant changes to Singapore’s laws relating to schemes of arrangement, judicial management and cross-border insolvency.
Our Managing Director, Mr Ramesh Bharani Nagaratnam, was invited by the Institute of Chartered Accountants of Singapore (ISCA) to conduct a seminar on the amendments. The seminar which was held on 2 September 2019 attracted many accounting and finance professionals from various multinational organisations.
The seminar addressed some of the amendments in the following areas:
While the enhancements to the Singapore Companies Act are a major step toward attracting debtors and possibly creditors to come to Singapore for their restructuring needs, the seminar concluded by stating that some teething pains can be anticipated. It will be interesting to see how the Singapore Courts will grapple with and provide guidance on the uncertainties that the new provisions introduce.
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